TAXES & REGULATIONS
Georgia Department of Revenue: The Georgia Department of Revenue is automatically extending the 2019 income tax filing and payment deadline to July 15, 2020.
Vehicle registrations that expire between March 16, 2020 and May 14, 2020 are also being extended through May 15, 2020.
IRS Tax Payment Relief: The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return.
- For more information, visit https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
Employee Retention Tax Credit: The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000.
- The credit is not available to employers receiving assistance through the Paycheck Protection Program. The credit is provided through December 31, 2020.
- Employee Retention Tax Credit: What You Need to Know, S. Department of the Treasury
- Guide to the Employee Retention Tax Credit, S. Chamber of Commerce
- FAQs: Employee Retention Credit under the CARES Act, IRS
Payroll Tax Deferral: This provision would allow taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. Payroll taxes that can be deferred include the employer portion of FICA taxes, the employer and employee representative portion of Railroad Retirement taxes (that are attributable to the employer FICA rate), and half of SECA tax liability.
- Deferral is not provided to employers receiving assistance through the Paycheck Protection Program
Other Tax Credits for Businesses: The Families First Coronavirus Response Act (the “FFCRA”), provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19. For more information on the FFCRA see the Department of Labor’s Families First Coronavirus Response Act: Questions and Answers.
- Tax Credits Available:
- Paid Sick Leave Refundable Credit
- Paid Family Leave Refundable Credit
- Payment of the Sick and Family Leave Credit
- For more information, seeCOVID-19-Related for Required Paid Leave FAQs, IRS
Coronavirus and Economic Impact Payments: Resources and Guidance: The IRS has released a comprehensive list of resources, guidance, tips and FAQ’s aimed at providing individuals and small businesses with vital information. Included in this resource is information on filing taxes, income statements, employee retention credit for small businesses, new employee credit and much more.